Jet Airways, which acquired ailing rival Air Sahara for Rs 1,450 crore last week, on Monday announced that it would position the newly acquired carrier in between a low-fare and full-service airline.

Since the Air Sahara brands belongs to the Sahara Group, Jet has decided to name the airline 'Jetlite' and hopes it would return to profitability next fiscal onwards.

This new model will have lower costs because of synergies already existing between Jet and Sahara, Jet Airways chairman Naresh Goyal told reporters in Mumbai.

"Besides, we will be renegotiating prices and sharing training facilities, which will also bring down costs, thereby making this model profitable," Goyal said.

Jet said on Monday it would raise $400 million to fund overseas expansion. The company, which recently took over beleaguered Air Sahara, announced on Monday its plan to acquire 20 wide-bodied aircraft for $2.1 billion. Jet Chairman Naresh Goyal said the aircraft delivery will begin this month. It will comprise 10 state-of-the-art Boeing 777-300 (Extended Range) and 10 A330-200 Airbus aircraft.

Starting with the wide-bodied aircraft, Jet Airways has redesigned everything offering new products in the first, premier and economy classes. It also holds options of further adding aircrafts of each type and have recently signed to purchase 10 Boeing 787 Dreamliner with delivery commencing in 2011, which will cost the company $1.6 billion, Goyal said.

In all, Jet Airways will invest $3.7 billion in new aircraft for its aggressive growth strategy, he added.

Positioning itself as a global airline, Jet Airways unveiled on Monday a new corporate identity and aircraft's livery (outside look).

The corporate identity and brand mark has been refreshed to include a swirl of colour reminiscent of a typical Indian dupatta (scarf).

The new look retains the golden 'flying sun' and dark blue as a primary colour, but introduces ribbons of yellow and gold that make the mark more modern and inclusive.

The airline has also introduced fresh airline uniform for the cabin crew designed by Italian designer Roberto Capucci. "We are repositioning Jet Airways as a global airline with the highest international standards but with a touch of India," Jet Airways' V-P Marketing, Gaurang Shetty said.

Jet Airways worked with Landor and Associates of London in making its corporate identity and aircraft livery match with customers in international markets.

"We have retained many of the familiar elements of our corporate identity, and colours, but have contemporized them to make the brand more relevant to global markets," Shetty said.

The airline uniform reflects distinctive international look capturing spirit of new India and a meeting point between East and West, the company said. This uniform is a sincere and humble tribute to the deep beauty of India, Capucci said in message.